Global Industrial Lighting Market to Grow at CAGR of 7.9% by 2024
July 21, 2018
Global industrial lighting market is expected to grow at CAGR of 7.9% during the forecast period 2017-2024, according to a new study published by Occams Business Research and Consulting.
Increasing modernization and infrastructural development, and growing penetration of LEDS due to reducing price across diversified industrial applications, durability of LED lights for industrial usage, and low energy consumption by LEDs for warfare operations are driving the global industrial lighting market. However, lack of standardization across industries, and high cost of equipment and implementation are restraining market growth. Furthermore, development of wireless control platforms for LED, and use of LEDs in wireless data transfer are creating opportunities for the market.
Geographically, Europe is expected to dominate the global industrial lighting market during the forecast period 2017-2024. With a rise in consumption of energy and awareness for rising carbon emissions have compelled governments to take strict measures to select efficient lighting. These measures are subsequently driving the take-up of LED lighting in the region. Moreover, a growing awareness of benefits offered by LED lighting is propelling demand. Asia Pacific is the fastest growing region in the global industrial lighting market during the forecast period, owing to high infrastructure and industrial development and the need for energy-efficient lighting technologies across various applications in the industrial segment, including factory and production lines, and parking spaces in the region.
The segments of global industrial lighting market are categorized as light source, application, offering, installation, products. “Light source” comprises , the market has been classified into LED lighting, High Intensity Discharge (HID) lighting, fluorescent lighting, and others. The LED segment is dominating the market. In terms of
- offerings, the market has been classified into lamps and luminaires, control systems, and services. The lamp and luminaires segment dominates and is likely to have the largest segment of market. In terms of
- installation type, the market is classified into new installation, replacement installation, and retrofit installation. New installation is likely to dominate the market segment due to rise in infrastructure development.
- application, the market is classified into warehouse and cold storage, factory and production lines, outer premises, parking areas, hazardous locations, and others. Factory and production lines are moving up to basic lighting arrangements, for instance, LED lighting arrangements, to get a quick payback on their venture through enhanced light quality and control.
- product, the market is classified into industrial linear lighting, spot lighting, flood lighting/area lighting, and high bay lighting. Flood lighting/area lighting is dominating the market, while spot lighting is likely to grow with the highest CAGR during the forecast period.
The growth in global industrial lighting market is also influenced by the presence of major players such as Philips Lighting Holding B.V. (Netherlands), Osram Licht AG (Germany), Acuity Brands Lighting Inc. (U.S.), Zumtobel Group AG (Austria), Hubbell Lighting, Inc. (U.S.) and others. Product launches, merger & acquisition, partnership, joint venture are some crucial strategies adopted by the major players to gain competitive advantage.
Find out more: www.researchandmarkets.com/research/xlrq6z/global_industrial?w=4.
